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Stocks Recoil And Oil Surges After Trump Vows To Continue Hitting Iran; Trump Says U.S. Will Hit Iran "Extremely Hard" Over Next 2-3 Weeks; Artemis II Crew Perform Special Orbit Maneuver For Moon Journey; Seven-Month-Old Girl In Stroller Fatally Shot In Brooklyn; National Capital Planning Commission To Vote On Trump's Ballroom; Storm System In Midwest Threatens Large Hail, Possible Tornados. Aired 8:30-9a ET

Aired April 02, 2026 - 08:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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[08:32:17]

KATE BOLDUAN, CNN ANCHOR: So this morning, the price of oil is jumping, surging. You choose the word, it's up. President Trump remark -- President Trump's remarks last night clearly fueling rather than calming fears about where the war is headed with Iran.

The U.S. benchmark for oil up 10 percent today. Now, as you can see right there at $110 a barrel, with analysts now warning $200 a barrel is now possible even if the conflict ends. President Trump tried to argue that the war's ending will result in the Strait of Hormuz, which carries all this oil, reopening without intervention because Iran wants to start making money. Listen to this.

(BEGIN VIDEO CLIP)

DONALD TRUMP, U.S. PRESIDENT: They're going to want to be able to sell oil because that's all they have to try and rebuild. It will resume the flowing, and the gas prices will rapidly come back down, stock prices will rapidly go back up.

(END VIDEO CLIP)

BOLDUAN: A lot of skepticism about that eventual outcome. Matt Egan's been tracking this, and you've been talking to oil analysts about what their fear and prediction is now.

MATT EGAN, CNN SENIOR REPORTER: Yes, well, Kate, look, the President's speech, it clearly failed to put out the fire in the oil market. If anything, it seemed to just make people even more nervous. Right. The hope was that we get some clarity, some deescalation.

BOLDUAN: Yes.

EGAN: We didn't get that. That's why we're seeing this 10 percent increase in oil prices today. $110 a barrel, highest intraday level in almost four years. And there is this concern that if the war lasts through June, you could see much higher prices. Macquarie Group had put out some research recently where they said if this lasts through June, $200 a barrel oil, that would equate to $7 a gallon gasoline in the United States, blowing away that record high from four years ago under former President Biden.

And I asked Macquarie Group, what if the war ends, the military conflict winds down, but the Strait of Hormuz remains closed? And they said, yes, that could still lead to this $200 a barrel oil situation, because even though the President has argued we don't need the Strait of Hormuz and the United States is completely immune, I mean, this is still a world oil market.

And I think, if anything, the last four months has really shown us how this remains interconnected. And what happens on the other side of the world in the Middle East impacts people here in the United States.

And look, I know $200 oil sounds pretty extreme, but this is an epic supply disruption. This is the biggest supply disruption when you measure it from estimated supply that has been knocked offline on record. Right. Twice as big as the Arab oil embargo back in the 1970s, or much bigger than the Gulf War of the 1990s as well.

And look, Bank of America put out a warning where they said that if the oil that has been knocked offline by the war, it doesn't come back in the next two or three weeks.

[08:35:03]

They say that we could have a breakdown of the global oil supply chain and that would be inevitable. And the White House has pushed back. They say the president has a plan here, that he's taken real action to try to mitigate these higher prices. And he has. Right. There's been this epic release of emergency oil.

BOLDUAN: Right.

EGAN: They've waived some restrictions on shipping. They're trying to stand up some maritime insurance, but clearly it hasn't worked. And look, gas prices, they keep going higher, right. The new national average for regular gas, 4.08 a gallon. And this is not just a blue state problem. Right. Some of the states experiencing the biggest price hikes for gas over the last month are states that voted for President Trump, including, look at this, Arizona, a $1.37 higher just in the past month, almost a $1.50 in Utah, Florida, Texas as well.

And the spike in oil prices this morning, Kate, suggests that this is not over and we're going to see higher and higher gas prices in the coming days.

BOLDUAN: And as this continues, a lot of smart folks are saying the price of gas at the pump is going to be a drop in the bucket in the least of concerns if this supply chain disruption continues. The shock is so serious when it comes to what all is being held up and the trickle down effect.

EGAN: Yes. BOLDUAN: We're going to run out of plastic basically is threatening. There is a concern. Thank you so much, Matt.

EGAN: Thank you.

BOLDUAN: John.

JOHN BERMAN, CNN ANCHOR: So one of the reasons the president laid out for this war on Iran was to prevent Iran from developing nuclear weapons. But I want you to listen to what he said about effectively the enriched uranium, the nuclear material which is still, as far as we know, very much in Iran. Listen.

(BEGIN VIDEO CLIP)

TRUMP: The nuclear sites that we obliterated with the B2 bombers have been hit so hard that it would take months to get near the nuclear dust. And we have it under intense satellite surveillance and control. If we see them make a move, even a move for it will hit them with missiles very hard.

(END VIDEO CLIP)

BERMAN: All right, with us now, CNN military analyst retired Lt. Gen. Mark Schwartz. What he was talking about there is what we believe to be 400 kilograms of enriched uranium in Isfahan, buried in Isfahan, which he now says is under intense satellite control.

There had been a sense that maybe the United States would try to remove this or have Iran get rid of it. But is under intense satellite control disabling Iran's nuclear program?

LT. GEN. MARK SCHWARTZ (RET.) CNN MILITARY ANALYST: Well, it's not disabling it, but you know, given the combination of air supremacy and the collection that we already had, John, prior to the start of this conflict, I'm confident that we've had those sites and then the other potential locations where the highly enriched uranium might have been moved.

But the consensus is it's in one of those three sites deeply buried. So I think that if we do see excavation occurring that will initiate further strikes on those locations certainly.

BERMAN: What would getting this into rain and tell what kind of a mission would that entail?

SCHWARTZ: Well, certainly you would have to put in a pretty significant cordon force to basically seal off any threat from coming in or out. And then, you know, obviously some significant engineering capability based on the -- how deeply it is buried. You're not just going to commandeer that, you know, on site, and then of course you're going to have expertise that can go in and secure it.

So that's a combination of special operations forces as well as technical experts to make sure that, you know, the threat of potentially any type of radiation is not there, to make sure that the force is secure Extremely high risk.

And I believe the reason we haven't seen that yet, John, is because the collective assessment by the intelligence community is that it is deeply buried and it would take days, if not weeks to excavate those sites in order to reach where they believe the highly enriched uranium is currently located.

BERMAN: One of the things that the President said yesterday was that this military campaign would last another two to three weeks. That's the timeline that he's giving there. In military campaigns, what's the effect of advertising the length of time that a campaign will continue?

SCHWARTZ: Well, you don't want to let your adversary, or in this case, your enemy know, you know, what your timeline is, obviously, and that's why there hasn't been any substantive, you know, mentioned by either the Chairman or the Secretary of Defense regarding, you know, the employment of ground forces, et cetera.

So, you know, given a broad number of two to three weeks, we've heard that pretty consistently at least over the last three weeks. Another two to three weeks to finish up, you know, the military operations, John.

One note that I would bring up is that during a briefing earlier this week, the Secretary and the Chairman mentioned that a lot more dynamic targeting is taking place.

[08:40:03]

Which means that based on, you know, real time intel, the ability for, you know, dynamic retasking why those aircraft are in the air, which means they're really going after targets of opportunity now. And between what Israel has done, the United States have done, you know, throughout this air campaign, they've successfully taken care of most of the defense industrial based infrastructure and those known targets, launch locations, you know, depots, et cetera.

BERMAN: There was no explicit mention of NATO allies in this speech last night. There had been some expectation that he would call them out for not acting in the Strait of Hormuz. He did it in sort of general terms there.

But these other NATO allies, whether it be Canada or Europe, what are they looking for now in terms of action from the US? There's always a concern over the last, really the first term of the Trump administration in the last year here that the United States may pull back from the NATO alliance.

SCHWARTZ: Well, you know, the President certainly made clear of his desire to potentially do that. I think this virtual summit that's being led by the U.K. right now is a partial answer to the rhetoric that we've heard from the President over the last couple of weeks, certainly.

And so, you know, there's 35 nations to include the GCC countries that have a, you know, an economic and a security interest to get the strait reopened. So that may, you know, tamper down, you know, some of the rhetoric that's been going back and forth. Really not, it's really been one way to NATO, but absolutely, NATO is concerned if the United States pulls back and you know, it takes a congressional decision for that to happen.

But what the President can do is he can pull back financial resourcing, he can pull back the current force deployment that we have in Eastern Europe, which is very important. Right. It's a strategic step that the United States still has forces out there. So there's certainly concern and I think this summit is a way in which that the U.K. -- led by the U.K. for NATO to address this.

BERMAN: General Mark Schwartz, always great to see you. Thanks so much for being on with us. Sara.

SARA SIDNER, CNN ANCHOR: All right, thank you, john. The Artemis II crew just wrapped up a major step in their historic moon mission. They're adjusting or they have adjusted their spacecraft's orbital pat pass. It happened in just under a minute. But there is a lot more work ahead today. They will carry out what is called a translunar injection burn to set them on their way to the moon.

The crew is also taking time to enjoy the spectacular views in space. Taking some pictures you see there on their phones from their small capsule. The view unlike any other as retired astronaut Colonel Jack Fischer knows all too well. He has been up there in the heavens. Thank you so much for joining us.

First of all, I just want to get some sense of how precise they have to be in order to get out of Earth's orbit and head toward the moon.

COL. JACK FISCHER (RET.), FORMER NASA ASTRONAUT: Oh, well, thank you for having me this morning. And they have to be very precise. The three-body orbital dynamics that guide the path of the vehicle are extremely precise.

And so the systems that they have on this vehicle are truly incredible. To be able to go and change orbits, get up to 45,000 miles, come back around, make precise maneuvers, and then do this long translunar injection burn to put them on a free return trajectory where they will go enter the Moon's sphere of influence, come back around and come all the way back home without having to do significant burns. Just minor corrections.

So, overall it's just an incredible testament to the accuracy, precision and incredible systems that they have on this Artemis vehicle as well as the crews just intense training that allow them to do this.

SIDNER: I'm not going to lie to you. Hearing you talk about the precision that is needed gives me a little bit of anxiety thinking about just what they have to do to make this all work. It's like they're slingshot it out there, then they have to boomerang back and they're getting into the sphere of influence, as you called it, with the moon. What excites you the most about this particular mission?

FISCHER: Oh my gosh, everything. This is a generational moment for us. Last week, you know, our new NASA administrator, Jared Isaacman, laid out a plan with his team called Ignition. And it is aggressive. My company, Intuitive Machines, we're scrambling to try to rise to that challenge with dozens of landers and rovers and create a moon base and make the human race an interplanetary species.

[08:45:11]

We're so excited to be a part of that. And then to backstop that with this just incredible mission where people can see, you know, Reid and Victor and Jeremy and Christina, the very best of us, to go up. And as you said, it's hard. Everything that they're doing, everything that the incredible team at NASA is doing to accomplish what is dang near impossible and make it look easy, that is inspirational to the whole world. And I really do feel that we're going to consider this as a generational moment that we can look back to and go, that's when it happened. That's when we became what we can be. And I'm excited about it.

SIDNER: Yes, I hear the excitement and it makes me excited too. It's like the stuff of childhood dreams actually coming through. Like a base on the moon that can be visited like regularly. There'll be people there. This is amazing.

I do want to ask you about how hard this is because we've learned that the astronauts are headed back to bed. What's it like up there physically dealing with all these changes? Obviously you're sort of floating around, you have to be strapped in. But what's it like on your body being in this?

FISCHER: Well, I'm an old pilot, so my back isn't so good normally. And being in space, it felt great. I actually grew two inches. It was wonderful. You have to not want any personal space. So they -- this crew has been together for about two and a half years. They've done all sorts of intense training in places like Iceland. They've gone all over the world, lived in tents. You know, they can get along in this.

And certainly when you look out the window and you see the Earth, you know, going away and you see the moon coming towards you, those moments that just light your soul. You can put up with hanging next to your buddy and, you know, a little less personal space, they'll be just fine.

SIDNER: I love it. Moments that will light your soul. That's what it's like looking back at the earth of your sort of flying by Colonel Jack Fischer, thank you so much for bringing us this, all these details this morning. Really cool, appreciate it. Kate.

BOLDUAN: This morning a man is now in custody after a seven-month old baby was killed by a stranger stray bullet in New York City. Police say the suspect was riding on the back of a motorbike when he shot his gun into a group of people -- at a group of people. The baby girl was in her stroller with her parents there when she was

hit. A witness tells the New York Times the baby's mother just collapsed beside the stroller after the shooting. Her father rushed her to the hospital where she was then pronounced dead. Police are also now searching for a second man who was driving that motorbike.

Forty years later, a man has just now been charged in connection with a string of high profile murders in Texas. Killings that inspired books and even a documentary. Prosecutors say a grand jury has now indicted a 61-year-old man named James Dolph Elmore Jr. And he's been charged with manslaughter and felony tampering with evidence in the death of a 16-year-old from back in 1986 and is accused of tampering with evidence in the death of another woman that same year.

The bodies of more than 30 women were found in the same rural field outside of Houston. This was starting back in the 1970s and the crime scene became known as the Texas killing fields. The DA now says prosecutors also sought an indictment of another man in connection with these deaths, but he died by suicide last month. John.

BERMAN: All right, something much brighter now. Pope Leo celebrating Holy Thursday, washing the feet of priests and calling on Christians to be prophets of unity.

And the king of chocolate. Going back to basic Hershey's bending to criticism, announcing that all Reese's products will return to their original recipes.

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[08:53:06]

SIDNER: Happening today. The National Capital Planning Commission expected to hold a final vote on President Trump's controversial White House ballroom renovation. Today's meeting comes after a federal judge ordered to halt construction given the government two weeks to appeal. The president sharing new renderings now of the East Wing project this week.

For now, let's go to our senior White House reporter, Betsy Klein. Would the judge's ruling have an impact on this particular process where they're going to either approve or deny the plans?

BETSY KLEIN, CNN SENIOR WHITE HOUSE REPORTER: Well, Sara, we don't expect the ruling to have an impact on this vote today at the National Capital Planning Commission. And this is a board that oversees any planning and changes to federal buildings and land around Washington, D.C. and even though this commission received 32,000 public comments overwhelmingly opposed to this ballroom project, they do appear poised to give it the green light.

And we've heard from experts raising concerns about things from the scale and scope of this ballroom to the introduction of Corinthian columns, to even the asymmetric changes it's going to make to a once circular driveway on the White House South Lawn. But this ballroom has been on the fast track since the East Wing was

demolished back in October. And President Trump has maintained that this should be able to proceed without any oversight or serious scrutiny.

He says it's going to be done by 2028 before he leaves office. And Thursday's vote is going to clear a key hurdle. But the future of this project is more uncertain, and that is because a federal judge threw a wrench into the plans when he ruled that it should not be able to proceed without congressional authorization.

I want to read to you a little bit from the ruling. He said the president of the United States is the steward of the White House for future generations of first families. He is not, however, the owner, unless until Congress blesses this project through statutory authorization, construction has to stop.

[08:55:09]

We should note the Trump administration has already appealed this ruling, but in the immediate next two weeks, the judge has told the White House that any above ground construction on this project could be reversed unless another federal court steps in and lets them proceed.

It's still unclear if this legal wrangling is going to stop this construction or if the Trump administration lawyers can convince a different federal court to let this project go forward. President Trump, for his part, has been incredibly involved, Sara.

SIDNER: And the public too incredibly involved in this, which is why it's so controversial. Most people that made comments really didn't like what they were seeing. Betsy Klein, we will see how this all plays out front and center. Appreciate it. Kate.

BOLDUAN: So the New York State judge overseeing Luigi Mangione's murder case has now delayed the start of that trial. This Congress comes just after another judge, a federal judge, announced the same decision, citing a scheduling conflict between the two cases. Mangioni faces dual prosecutions in state and federal court accused of murdering UnitedHealthcare CEO Brian Thompson on right on the sidewalk in New York City.

His attorneys have raised concern about preparing for two trials simultaneously. But prosecutors have argued against a delay, saying the public has a right to a speedy trial.

But also this a small training aircraft crashed in Philadelphia. Here's video of the aftermath, seriously injuring the flight instructor and student pilot. The company that owns the aircraft says the plane lost engine power and attempted to glide back toward the airport. A witness said that it is a miracle they even survived. The NTSB is now investigating.

And it appears to be a sweet victory. Hershey now says it will return to its original ingredients for its treat starting next year. The background here is this. Some Hershey's and Reese's products, like mini Easter eggs, are currently made with a coating that contains less chocolate. The change comes after Brad Reese, the grandson of Reese's founder, HP Reese, started speaking up and criticizing the company for using cheaper product, cheaper ingredients. High cocoa prices have also led Hershey and other manufacturers to experiment with using less chocolate in recent years. John.

BERMAN: I think we can all get behind that.

BOLDUAN: Yes, less chocolate.

BERMAN: No more chocolate.

BOLDUAN: I was going to say we officially are breaking up.

BERMAN: We need something.

BOLDUAN: That was crazy. My heart.

BERMAN: All right, a new threat, a severe storm threatening nearly 50 million people in the Midwest, including the risk of tornadoes. With us now, senior meteorologist Derek Van Dam. What are we looking at here, Derek?

DEREK VAN DAM, CNN METEOROLOGIST: John, the reason we've got 50 million Americans under This threat is because it encompasses Detroit, Chicago all the way to Des Moines, southward into St. Louis. But focus in on Chicago because this area has the potential for two separate rounds of severe storms that will move through this evening, late this afternoon I should say, and into the evening hours. A few tornadoes, damaging winds and large hail within those locations I just mentioned.

Here's the broader setup. I'm just going to talk about the large storm system clearly causing our severe weather threat today. But look what's developing across the Pacific Northwest. That's our next storm system. I'll highlight that in just one moment.

And as we move into the Great Lakes, this is a full-fledged late winter early spring storm because there is ice and snow on the northern tier of this. In fact, a full-fledged ice storm is occurring or will occur today across the northern sections of Wisconsin. Check that out. Ice storm warning could see up to a quarter inch of ice accumulate even into portions of northern Michigan into the Upper Peninsula areas.

So timing this out, if you're watching this morning, Chicago, we do have some rain in the area now, but I think we'll start to get some breaks in the cloud, destabilize the atmosphere and then just in time for that rush hour traffic heading home. Our first round of thunderstorms moves through heads into Grand Rapids, Detroit later in the evening. And there's our second round by roughly 8 or 9:00 p.m. this evening.

Then the second storm we start to recycle this storm track basically in the same locations maybe a little further to the west but heads up Omaha southward into Oklahoma City. This is the area for tomorrow that we're watching. The potential of stories, strong winds, large hail and isolated tornadoes as well. A lot of rain associated with these systems. We need it a couple of inches with some of those slow moving thunderstorms that could cause some localized flash flooding.

Wow. It's active stretch of weather and it continues today. John.

BERMAN: Couple ugly lines there. A couple really ugly fronts moving through very populated areas. Derek, I know you'll be watching it very, very closely.

VAN DAM: Yes.

BERMAN: Thank you so much for giving us that update.

VAN DAM: You got it.

BERMAN: Brand new hour of CNN News Central starts right now.

All right, so how did the President's speech on Iran go over? Not well. With the oil markets prices up more than 10 percent overnight. I just saw a 12 percent jump just a second ago. That's a huge jump.

[09:00:00]

What investors saw that they did not like. And the critical maneuver just performed by the crew of Artemis II to get them on the way to the moon now that they face.